Welcome Finance PPI Questionnaire

[Munirs]

Hi

 

In 2005, I took out a Wellcome finance for £10k, and was told that without ppi, I would be declined because of my credit record. Therefore, I had to tick the PPI option.

 

In 2007, I repaid the whole loan, ppi including. I know that the PPI was a lump sum paid to Wellcome (not monthly).

 

I have all the documents and have sent an email with everything scanned to the appropriate people, but so far have been fobbed off from one person to the next.

 

Now I have been sent a long customer questionnaire which I feel maybe a delaying tactics. Looking at the questionnaire, I feel like ti is going to take me forever to get all the facts together on there( it has questions like if your employment status has changed since, which I find irrelevant?).

 

Please help.

[dx100uk]

that's the STd FOS CQ

 

from here

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

you don't HAVE to fill it all in!

 

if you don't know put N/A

 

you need to do this spreadsheet...

 

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans. It can also be used for S69 redress calculation on any sum, like on a closed/frozen interest PENALTY charges claim.

 

StatIntSheet v101.xls

 

 

the PPI WAS levied MONTHLY

 

on the agreement it will show you the monthly figure

 

you put EVERY payment in on the DATE YOU PAID IT.

 

when you've done that

 

attach it here.

 

the FSCS now handle all PPI complaints through welcome finance staff.

 

dx

[Munirs]

Wow, I am amazed and grateful to you dx, and to your amazing knowledge and facts. What happens if I don't have the dates of payments. What did you mean when say attach it here? Thanks a lot.

[dx100uk]

if the loan ran its course the state date is on the agreement.

 

and you have a calendar on your PC:lol:

 

if you didn't say pay the PCM but other sums outside of the PCM expected

 

you'll have to sar welcome

 

and get the statements.

 

by attaching I mean look bottom right of the msg box below - says go advance from there you can manage attachments.

 

can I suggest you read no.1. below

 

dx

[Munirs]

lol, sorry I am bit slow in these matters!

 

From memory, the loan didn't ran its course. I paid them off with another loan I got at the time. I have the copy of the original agreement, and these are the details:

 

Total Amount of Loan: £13789.15

Optional Payment Protection Payment: £ 2454.15

Acceptance Fee £235

 

Mortgage Indemnity Fee £1100

Total Charges other than fees £1100

 

Monthly payment : £281.27

No of monthly payments: 120

 

APR 27.80%

Rate of Interest : 1.80%

 

 

So I assume I paid them £13789.15, which included £2454.15 as PPI. I would therefore charge on this amount?

 

PS: I will read your link 1 now.

 

Again I am very grateful to the help you are providing, thanks dx.

[dx100uk]

whoops you had MIF..

 

did you have a mortgage or another secured loan already running?

 

if so get that back too!

 

was the 2nd loan with welcome too?

 

dx

[Munirs]

Yes, I had mortgage with HSBC.

 

So I can claim for the MIF too?

 

I took another secured loan to pay off Wellcome, and that was with First National and that has PPI on it too. This has now been taken over by GE, and when queried it with GE, they referred me to the broker.

 

If I understand the points on your really useful article on link1, I just need to work out the PPI percentage from the lump sum I paid (£13k odd), and use the spreadsheet to work out the statutory interest and add them together and claim this and now add MIF too?

 

I am going to fill in the questionnaire, add a covering letter and do this calculation (unless you think otherwise).

 

I will then chase up the GE money. Also I have been charged with so many unfair charges by GE (admin fees etc). I feel I am going to need more of your help, thank you dx.

[dx100uk]

I think otherwise.

 

dx

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?318323-Old-Welcome-Debt&highlight=postggj

 

on your welcome loan with PPI

 

you need to KNOW what you paid WHEN you paid

 

sadly if you DONT KNOW.

 

you'll have to SAR them.

 

as for GE MENY

they NEVER own up.

 

read a few GE money threads.

 

or type in the name of the broker in our

search of the grey toolbar uptop on the left.

IMHO you need to gather you info FIRST before firing off any PPI reclaims

as you've see with GE

if you put in a speculative claim

 

they'll send back a speculative fob-off answers

 

RESEARCH here is the key.

 

the MORe you read the more we learn

 

dx

[Munirs]

Cool, thanks for good advice, and yeah I can see that I need to arm up with more info.

 

I am going to SAR Wellcome then. How long should this take and I am planning to send a registered letter (using the template in your link).

 

God knows, how much I have suffered over the years with these companies, so it would be justice and make us feel better if we got even a tiny victory against them. Thanks dx

[dx100uk]

sar is 40 cal days at max

use 2nd class stamp and a £10 postal order , get free proof of posting from po counter whilt you are there.....save money!

 

dx

[Munirs]

Hi All

 

Just got back the documents from Welcome Finance, yes after all this time!

 

I am trying to work out what dx kindly advised, however I am pretty much a novice in this so any help/advice is welcome.

 

Although I got the papers here, the statement showing account details shows;

 

12-Jun-07 CAPITALISATION £212 (Debit)

12-Jun-07 PRINCIPAL DEBIT ADJ £1490.17 (Debit)

12-Jun-07 PAYOFF £12617.33 (Credit)

 

Therefore I can assume that Welcome were paid off on 12-Jun 2007 with £12617.33 payment. The same agreement shows at the beginning of it, the following entries:

 

29-Nov-03 INITIAL DISBURSEMENT £10,000 (debit)

29-Nov-03 PPP - Secured Loans- Migrated £2454.15 (debit)

29-Nov-03 MORTGAGE INDEMNITY FEE PROD882 £1100 (debit)

29-Nov-03 ACCEPTANCE FEE £235(debit)

 

 

Ok, just about got all the relevant details now.

 

So I have to fill in the StatIntSheet v101.xls spreadsheet. However, the PPI was take out at the start of the loan and though I was paying £281.27 monthly payment, is there part of this amount that is a % of the PPI? How to get that?

 

I have to say I need to re-engage my brain as the spreadsheet looks well produced and as soon as I get some hints I am sure I can crack on on it pretty well.

 

Please advise and thank you.

Edited July 23, 2013 by Munirs

[dx100uk]

no.1. below

 

dx

[Munirs]

Cheers dx, great stuff!

 

Will be digesting the Q&A and may come back to you, cheers again.

[Munirs]

Great, I am back been so busy with work!

 

Ok, got the % of PPI charge and worked out the total amount by applying the % of PPI against the final settlement amount paid to Welcome.

 

Few questions in regards to data on the spreadsheer StatIntSheet v101:

 

Claim Form: date of when loan was taken out?

Claim To:?

Description:? (PPI charge?)

Amount of charge: this would be the % of PPI charged on the final settlement paid amount?

Number of days elapsed: ? elapsed since the loan was taken out or loan ended?

Interest 8% Simple:? is this 8% to be applied against the amount of charge for each day in the elapsed days?

 

Also how do I add MIF to this?

 

Thanks for all your help. Cheers

[dx100uk]

Great, I am back been so busy with work!

 

Ok, got the % of PPI charge and worked out the total amount by applying the % of PPI against the final settlement amount paid to Welcome.

 

Few questions in regards to data on the spreadsheer StatIntSheet v101:

 

Claim Form: date of when loan was taken out? -first ppi payment

Claim To:? as is [today] eventually the date they settle

Description:? (PPI charge?) PPI premium

 

Amount of charge: this would be the % of PPI charged on the final settlement paid amount? the PPI % of EVERY payment made

Number of days elapsed: ? elapsed since the loan was taken out or loan ended? speady does this for you

Interest 8% Simple:? is this 8% to be applied against the amount of charge for each day in the elapsed days? speady does this for you

 

Also how do I add MIF to this?

 

Thanks for all your help. Cheers

 

treat mif the same as the PPI use another copy of the spready

 

dx

[Munirs]

Hi All

 

For various reasons, one of them being recovering from a stroke, I have been unable to pursue this claim, until today. I have filled in the spreadsheet as per good folks here, and I am ready to send this off now.

 

However, I have read that I need to attach a letter explaining reason why I think I was missold PPI. Well, from memory, I was told that PPI was compulsary of us being accepted for the loan and secondly, I know that in the cae of one off lump sum PPI, I am entitled ot a refund? What is the most potent reason here and does anyone have any templates for this please, it would help tremendously.

 

Also, I am planning to partly fill in the questionnaire, and just put a N/A in most part of it. Is this good or bad?

 

Also, in the case of MIF, do I just put that figure and let spready do the days diff and work out 8% of it?

 

 

Thanks guys, really appreciate your help

[dx100uk]

you do a very brief covering letter

the fos cq is your main documentary evidence

yes leave blank or input N/A if necessary

 

told compulsory will be great

 

its well known and the fscs [whom deal with all welcome ppi complaint sent to welcome]

know this.

 

I would not use a scattergun approach of many reasons, one alone.

 

here are examples of covering letters:

 

 

Dear Sir or Madam,

Re:

 

I am writing in relation to the above payment protection (PPI) policy which i believe was mis-sold to me in relation to my

I believe you have not treated me fairly for the following reasons;

· The PPI was added without my knowledge..

· You have been punished by the Financial Services Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by

Yours faithfully

.

.

.

or

.

.

.

.

The Complaints Department

[Lender’s address]

[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

 

....

 

as for the MIF..

 

treat the same as you have for PPI.

 

work out its % of the whole loan

 

then that % is mif of any payments made

 

use the same statint sheet.

[dx100uk]

oh and welcome back!!

 

dx

[Munirs]

Brilliant DX! and thank you so much. I am putting everything together tonite and send the whole thing off asap.

 

I got distracted by anoither article here and found out that Icould claim for charges/fees for things like Acceptance fee / phone call charges / letter charges etc.

 

I believe as per the PPI spready, we list each charge on the spready and let it do 8% interest.

 

The jury's still out on the MIF (sorry DX). What I have is a mortgage indemnity fee which looks like a one off payment. If I understand you, I take this payment and the total loan amount and workout %, which i apply to the settlement figure? my worry is that would give me a figure higher than the MIF of £1,100?

 

Please excuse my lack of grasp.

 

Thanks again for all your marvellous help. Hopefully this is going to help many others too

[Munirs]

Here's that aricle: http://www.consumeractiongroup.co.uk/forum/showthread.php?291889-Welcome-Finance-sar-recieved-what-can-i-recalaim

[dx100uk]

Here's that aricle: http://www.consumeractiongroup.co.uk/forum/showthread.php?291889-Welcome-Finance-sar-recieved-what-can-i-recalaim

 

right I've closed that thread

 

it total crapp

 

and sadly probably the ONLY one concerning welcome that is!!.

 

PENALTY charges are calculated diff

you use the CISHEET as the interest they attracted was compounded.

 

.......

 

on the MIF

 

you treat it as PPI

 

look at your thread earlier here.

 

MIF/total loan *100 =xx%

 

xx% of EVERY payment you made was for the MIF.

 

...............

 

pers id be attaching your PPI spreadsheet before you post it

 

can we just check it please

 

dx

[dx100uk]

he's the correct info on MIF...

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318323-Old-Welcome-Debt&highlight=postggj

.

http://www.consumeractiongroup.co.uk/forum/showthread.php?304631-Welcome-Finance-PPI-and-Mr-Z&highlight=reclaim+MIF

.

http://www.consumeractiongroup.co.uk/forum/showthread.php?251405-Welcome-Secured-Loan-agreement.

http://www.consumeractiongroup.co.uk/forum/showthread.php?304631-Welcome-Finance-PPI-and-Mr-Z&highlight=reclaim+MIF.

.

.

As per the post above the MIF is not for insurance. Welcome have admited on more than a few occassions that it is not insurance....Never has been, never will be.

.

The real question is where does the money go? They will tell you its a fee in relation to being a higher risk, and that by charging this fee, and the interest it attracts, it helps to cover them in the event of a shortfall. They will also tell you that whilst many lenders do use the fee to purchase insurance, they never have.

.

This is not only stated in the Griffith v Welcome case, but I also have it in writing directly from them.

"The MIF is a fee that can be charged by lenders when the value of loans secured on a property is at a level similar to the value of the property.

.

It is an additional form of protection for the lender in the event that they are required to repossess the property and are unable to recover all of the monies are outstanding under an agreement (i.e. there is a shortfall).

.

In such circumstances, the lender is entitled to pursue the borrower for the shortfall.

.

As can be seen by the terms and conditions of your agreement, you were charged a MIF, which meant that should the situation described above arise you would not be pursued for any shortfall.

.

This was not an insurance policy although some lenders do take out insurance policies for this purpose.

.

It was what could be described as a 'waiver fee'. It was decided in Griffiths -v- Welcome Financial Services (2006) EWHC 3769 (QB) that the charging of the fee by a lender but not actually taking out an insurance policy was entirely reasonable."

.............

collected from some thread on here .

dx

 

The MIF has not been tested in court as far as I know, I certainly will be testing it though, its a big part of my claim against them.

 

 

Last edited by MrZ; 16th August 2011 at 19:35.

I too am uncertain of the legalities regarding the MIF. I have seen and read the threads I can find about it. I started a separate thread, which is now merged with this one specifically asking about the MIF. This is what I have been able to gather so far pertaining to the MIF.

1. Its been said that it should only be applied to mortagages or secured loans of 25,000.00 or more. (I have not seen and regulation yet that states this)

2. Its been said that it should be 75% loan to value (I have not seen any regulation that states this)

3. mortgage Indeminty Fee is a fee to be used to purchase insurance. (This is not a regulation per se, but rather an industry norm. mortgage lenders will charge this fee and then use the fee to purchase insurance to protect against a shortfall)

4. In the case of Welcome, they are not using this fee to purchase insurance. (I have yet to see any explanation from Welcome as to why they charge the fee)

5. Welcome are treating this fee as a Charge for Credit and it attracts interest at the same daily rate or AIR.

So having gathered the above information from this forum and other resources, it is my intention to write Welcome regarding only the MIF. I will not include it as part of any other complaint or claim, as I want to ensure it doesnt get "muddled over" or lost amongst other issues. I dont want to give them room to wriggle out of an explanation. I am drafting the letter today and will definitely update this thread once I have a reply.

MIF is a fee the debtor pays incase there is a shortfall on the loan

this fee is an insurance policy/product

you paid for it so ask welcome for the insurance policy.

i can tell you now there will be none

it goes into welcomes own pot under WELCOME ELITE BROKERS

YOU NEED TO BE ASKING WELCOME WHO THIS MONEY WAS PAID TO AND DEMAND PROOF VIA ANPOLICY NUMBER AND DATE AND WHO THIS FEE WAS PAID TO

ILL LAY EVEN MONEY NORWICH UNION/AVIVA

[Munirs]

Hi dx, was going through all the MIF threads I could find here, and the bewilderment of it all oh my! lol

 

Also, did you want me to attache the PPI spready here? it sound slike the MIF is going to look the same as PPI bar the amount (% works out as 8% too, funny that!), cheers DX

[dx100uk]

urm.. funny that huh..once you read a few welcome thread you'll start to see a pattern

 

if you look at YOUR agreement and look at others on here you'll see a pattern ...

please attach you PPI spreadsheet yes please.

 

not doubting your skills

 

but

 

we've had some pretty silly mistakes made

 

dx